Journal of Financial & Quantitative Analysis; Jun2017, Vol. 53 Issue 3, p963-990. 28p.

个人投资者股息税与公司股利政策

作者：Oliver Zhen Li (NUS Business School)

Hang Liu (School of Accountancy, Dongbei University of Finance and Economics)

Chenkai Ni (School of Management, Fudan University)

Kangtao Ye(School of Business,

Renmin University of China)

摘要：中国2012年股息税改革将个人投资者的股息税率与他们的持有期限联系在一起。我们发现个人投资者股息税率降低（上升）的公司更（不）愿意增加股利支付，这种效应集中在控股股东和小股东激励制度相一致的公司中。此外，投资者对税收法改变的反应是降低带息日前的交易活动并且此举成功降低了股利的税收罚金。总而言之，我们的证据进一步佐证了个人投资者的税收政策会影响公司股利政策的观点。

Individual Investors’ Dividend Taxes and Corporate Payout Policies

Oliver Zhen Li (NUS Business School)

Hang Liu (School of Accountancy, Dongbei University of Finance and Economics)

Chenkai Ni (School of Management, Fudan University)

Kangtao Ye(School of Business,

Renmin University of China)

ABSTRACT

The 2012 Dividend Tax Reform in China ties individual investors’ dividend tax rates to the

length of their shareholding period.We find that firms facing a reduction (increase) in their

individual investors’ dividend tax rates are more (less) likely to increase dividend payout.

Such an effect is concentrated in firms where incentives of controlling shareholders and

minority shareholders are aligned. Furthermore, investors respond to this tax law change

by reducing trading activities before the cum-dividend day and successfully lower their

dividend tax penalty. Overall, our evidence enhances the notion that individual investors’

tax profiles shape firms’ payout policies.

原文链接: http://web.a.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=8&sid=d690f913-18bf-46b2-8bd3-b83ea5522584%40sessionmgr4010

翻译：汪国颂